OM cuts 70 jobs in major reorganisation

OM cuts 70 jobs in major reorganisation

Swedish technology group OM is to cut 70 jobs as part of a major restructuring, which includes establishing Stockholmsbörsen as a separate operational entity.

The new organisation, effective from January 1, 2002, will be divided into four business areas and Stockholmsbörsen as a separate operational entity. The reorganisation will make 70 positions redundant, mainly within staff functions in Sweden, says OM. Of these 70 positions, approximately 30 are within the former Jiway Broker Services. It is anticipated that the reorganisation will generate yearly cost savings of Skr35 million, (excluding Jiway restructuring costs), with full effect from the second quarter 2002.

Per Larsson, president and CEO of OM, says the move will further strengthen OM's transaction technology business and support Stockholmsbörsen in acting on business opportunities through consolidation.

Magnus Böcker has been appointed chief operating officer and executive vice president of OM responsible for four business areas: broker services, energy market solutions, facility management services and financial markets solutions.

Niklas Midby has been appointed chief financial officer and executive vice president OM, responsible for Stockholmsbörsen, OM's finance operations and OM's investments. Stockholmsbörsen and OM London Exchange including Jiway will be headed by Kerstin Hessius as a separate operational entity.

Anders Reveman has been appointed chief strategy officer within the unit corporate strategic development to support strategy, structure and implementation.

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